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Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034
Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and
About this update from Borr Drilling Limited
[{"type":"text","content":"HAMILTON, Bermuda, May 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) (\"Borr Drilling\" the \"Company\") announced today that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary, Borr Finance LLC, have priced an offering of $2.035 billion in aggregate principal amount of senior secured notes consisting of (i) $1,100.0 million aggregate principal amount of 8.750% senior secured notes due 2032 and (ii) $935.0 million aggregate principal amount of 9.000% senior secured notes due 2034 (the \"Notes\"), which represents an upsize of $435.0 million over the previously contemplated offering amount. The Notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis by most of the rigs and certain other assets of the Company and the subsidiary guarantors.\nThe proceeds from the Notes are intended to be used by the Company (i) to repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior Secured Notes due 2028, of which $1,128.1 million aggregate principal amount is currently outstanding, (ii) to repurchase, redeem or otherwise refinance in full its outstanding 10.375% Senior Secured Notes due 2030, of which $770.7 million aggregate principal amount is currently outstanding, (iii) for general corporate purposes and (iv) to pay fees and expenses related to the Notes offering and the concurrent tender offer. Settlement of the Notes is expected on or about June 10, 2026 and is subject to customary closing conditions.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which, or to any persons to whom, such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the U.S. Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr DrillingBorr Drilling Limited is an international drilling contractor incorporate...